Market Updates
Europe Movers: Akzo Nobel, Deutsche Bank, Merck, Volvo
Arthi Gupta
18 Sep, 2012
New York City
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Volvo said truck deliveries fell 4% in August. Akzo Nobel plunged 5%. The Finnish paper company Metso plans layoffs in several of its units that may lead to as many as 630 job cuts.
[R]2:00 PM Frankfurt – Volvo said truck deliveries fell 4% in August. Akzo Nobel plunged 5%. The Finnish paper company Metso plans layoffs in several of its units that may lead to as many as 630 job cuts.[/R]
AB Volvo dropped 1.4% to SEK 92.15 after the commercial transport solutions supplier said total deliveries from its truck operations in August fell 4% to 14,999 vehicles, from 15,557 vehicles in the year-ago month.
Deliveries of Volvo branded trucks in August decreased 6% to 7,149 vehicles compared with the same month last year.
Akzo Nobel N.V. plunged 5.1% to €46.37 after the Dutch paint manufacturer announced that its Chief Executive Ton Büchner is taking temporary leave of absence.
Deutsche Bank AG, the investment bank slumped 3.9% to €33.76 after a broker downgrade.
Merck KGaA fell 1.5% to €93.4 after the German pharmaceuticals company decided to voluntarily withdraw European filing for its cancer drug Erbitux.
Metso Oyj plummeted 4.6% to €30.33 after the technology company said it would adjust its Finnish operations in response to structural change and weaker demand in the paper industry.
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